* Rain, floods cut US corn planting by 1.6 pct-USDA
* Smaller plantings cut US corn 2.2 pct, tighten stocks
* Corn supply tight now, to tighten with new crop-USDA
* US rice crop down 5.5 pct from May due to flooding
* Winter wheat up 2 pct from May, trade expected drop
A cold, rainy spring andfloods cut U.S. corn plantings by 1.6 percent, will reduce theharvest by 2 percent and keep U.S. corn supplies at theirtightest level in 15 years through fall of 2012, the governmentsaid on Thursday. As a result U.S corn stocks will come in much lower thanexpected in 2011/12 at 695 mln bushels. Analysts had expected771 million bushels.
The USDA reduced it projections for US Corn plantings by 1.6% due to the cold wet spring and delayed plantings. This could reduce the harvest by as much as 2% and keep corn supplies at their tightest levels in 15 years.